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May 29, 2018

Temporary Expanded PSLF

FIRST COME, FIRST SERVED!  Hurry, hurry, step right up, if you've filed an application for PSLF and been denied due to a nonqualifying repayment plan, you might be able to get some relief. The Consolidated Appropriations Act provided limited funding (350 million) to help borrowers who made payments that would have counted towards the 120 required to earn PSLF, except that they were enrolled in a nonqualifying repayment plan (like Graduated or Extended). The Department of Ed is calling this opportunity Temporary Expanded…

By Heather  |  Category:  Public Service Loan Forgiveness  

September 13, 2017

SoFi Chief Steps Down, NYT Reports Sexual Harassment

Whoa. Check out this report by the New York Times: 'It Was a Frat House': Inside the Sex Scandal That Toppled SoFi's C.E.O.

By Heather  |  Category:  Private student loans  

September 5, 2017

Dept of ED Throws Consumers Under the Bus

The Department of Education barely bothers to pretend it has the best interests of student loan borrowers in mind anymore. In announcing its intent to cut the Consumer Financial Protection Bureau out of federal student loan servicing oversight, ED admits that it is declawing the CFPB because the CFPB had the nerve to actually handle borrower complaints. How dare it? In a half-hearted attempt to spin its obviously anti-consumer announcement, ED asserts that the CFPB's efforts on behalf of borrowers add "confusion".…

August 23, 2017

Massachusetts sues FedLoan for Public Service Loan Forgiveness failures

That's what I'm talking about! Massachusetts Attorney General Maura Healey and her team are on the job protecting consumers! In a lawsuit filed today, the office calls for relief from unfair and deceptive student loan servicing practices including: depriving borrowers of months that should have counted toward the 120 required to earn Public Service Loan Forgiveness,  misprocessing applications for Income Driven Repayment plans. and overcharging borrowers in Income Driven Repayment plans Review the complaint Read New York…

By Heather  |  Category:    

November 30, 2016

Cost estimates for Income-Driven Repayment plans are unreliable

For the fiscal year 2017 budget, the Department of Education (ED) estimated that Income-Driven Repayment (IDR) plans will cost $74 billion. Actual costs will depend on how many borrowers participate in IDR plans and how much (or how little) those borrowers earn over time. After reviewing how ED produces its cost estimates, the Government Accountability Office (GAO) criticized aspects of ED’s methodology and concluded that ED’s cost estimates are not reliable.  GAO found that ED’s methods may both over- and under-state actual…

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